Summary
Toyota Company is one of the largest automobile manufacturing companies in the world which has many branches in different parts of the world. This company is famous all over the world due to its quality of products which are also dissimilar from all other products. This company is manufacturing not only finished automobiles but also spare parts and other accessories of vehicles. Toyota Company introduced various models of luxurious and medium sized vehicles in the market. The products of this company have acquired great demand in the market worldwide. It has also got good reputation in the market by its excellent service and management policies to the customers. Toyota Company has done continuous modernization of the vehicles; hence, this company survived in a good position in the rigid competition among the auto manufacturing companies.
Choice of the company and Content
Overview of product, and/or price, and/or place, and/or promotion
The products of this company have good reputation and demand in the market due to their high fuel efficiency and safety technologies. Toyota Company is manufacturing finished vehicles, auto accessories and spare parts. Some of the products of Toyota are car, van, truck, electric forklift, tractor etc and there are also battery powered vehicles, with global presence. Toyota vehicles are manufactured with good and powerful materials to provide better performance and safety and also with newest technologies for easy handling of the vehicles by the users. Toyota products are also provided at affordable prices; this increased the reputation of the company and raised the demand of its products. To promote the sale of its products, the company gives many advertisements in Television, internet, magazines etc. This helps to bring the current and detailed information about its products to the public. The market share worldwide has increased through its car brands and models.
Consumer’s behavior
Toyota provides its products and services at comfortable price. It gained consumer satisfaction as products are more economical when compared to products of other auto manufacturing companies. The designing of the new vehicles is done after analyzing the customer need and demand in the market. Therefore, it succeeded in providing the vehicles according to the customer’s wish.
Services
Toyota Company provides best and quality service to its customers. It developed superior technology to provide exceptional service to the users for comfortable and easy handling of its products. The financial services of Toyota provide great benefit to the consumers by giving appropriate financing plan and long term guarantees to its products.
Memo Format
(Memo Writing: Sample Memo).
We live in the cyber era where we are dependent on the internet, virtual library for our each and every requirement. The use of internet and computers has become vital in our life. The memos or the memorandums are the formal or the informal internal communication within the business groups to communicate with the colleagues. Office memo is essential even though it is in the declining stage for conveying of ideas in a professional manner.
Current status of the company
Toyota is a global automobile giant with millions of customers worldwide. It is involved in direct manufacturing and branding of automobiles. It has been prospering in the market with collaboration with other automakers like Honda and Nissan, to have a better exposure to the market and for vast presence in the market. Toyota is the largest automobile manufacturing company in the world; it is also the third largest company in the world. (Psabilla). The net sale of the company has risen to 17% of the total, leaving behind Ford and General Motors.
The company concentrates on product diversification; it also has the presence in automobile spare parts and other accessories. It has an R&D department which is useful for continuous research on the customers’ needs and behavior, new technology innovation and also to meet the changing preferences of the people.
It has adopted a very good marketing strategy for its products; it uses advertising which is the paid form of promotion in the media. Toyota is very keen in dealing with the international market through the wide acceptance of the product and promotion through the posters, television and the internet. It also received reputation in the importing countries like Japan and China. It concentrates more on the product quality which is a major factor from the customer point of view. Change in the pricing strategy helps the firm to achieve success in the penetration pricing used by the company in the launch of the vehicles. Collaboration with the different universities to find the efficiency of the products is used to assess the efficiency of the products; this helps in reducing customer complaints. The company is adopting JIT process of policy for the technological approach; this is where resources are used just in time which helps in reduced inventory and the efficiency of the production.
Ideas for improvement
Ideas and suggestions are very useful for improvement. The employee suggestion style in Toyota is much encouraged and compared to the other companies, the percentage of the suggestions put in practice is high. Some of the suggestions are:
To increase the quality and reduce the cost
The cost of raw materials is increasing at a rapid rate; the purchase of them costs much to the company and even the operating expenses spent on manufacturing and services are increasing. Effectiveness and efficiency in operation causes good feedback from the customers and help in the increment of revenues, and effective cost cuts. Improving the service process quality helps in doubling the profits and the revenue.
Reduction in mistake: fool proofing
The Japanese automakers have the method of the reducing the mistakes, this is called “pokayoke” method which are said to be the fool proofing which makes the tools and the work cells mistake proof. Reduction in paper work is given much emphasis. The manual processes as well as computer application software are to be made mistake proof by the service implementation.
Continuous service providers for the improvement
As the Japanese automakers are concerned, after sales service is less. Continuous services like the claims to the insurance companies, repair shops, maintenance division, to take the pictures of the damaged cars and to make them available for insurance claims etc are some of the services. Just as manufacturing, service also should be a goal of the company; this is important and company should be able to get the feedback from the customers.
Reducing wasteful activity
Wasteful activities are common in any service industry. Waiting for some persons who are responsible to take actions, non-availability of information, papers, accessories or materials, distance between the floors and offices etc. are some of the wasteful activities. If a mistake happens, much time is spent on reworking. Such areas should be identified and monitored properly.
Reducing the Inconsistencies
The different mortgage loan companies promise the sanctioning of loans within 10 days; the manufacturing company takes this as a flexible time for manufacturing process and service improvement. If any mistakes happen in a short span, work comes to a halt; this may create a time gap between the actual quality of the work, time and the impatience of the customer.
Job rotation
The company should train the employees in multiple areas of job. This proves as an advantage for the company and to the employees; an employee who can function in multi areas can substitute a person in his absence. Job rotation helps in reduction of boredom and increased results.
Providing economic vehicles
As Toyota is the largest automobile manufacturer in the world. It concentrates in cost segmentation, i.e. the affluent class of the society. It can have a product penetration by making economic vehicles available to the middle class also to gain a flourished market in the developing countries.
Conclusion
Any company, whether developed or developing, will have its own pros and cons in the mode of operations. Each should have a research and development team where continuous monitoring of the operations should take place for the well being and for the startling success.
Works Cited
Memo Writing: Sample Memo. The Owl at Purdue. 2009. Web.
Psabilla. Toyota Motor Corporation: Company History. Shmula, Business, Technology, and Stuff in Between. 2007. Web.